• Toncoin could be on verge of a short-term rebound as technical and on-chain indicators spark bullish signals
• TON’s metrics pointed to growing investor confidence across the market

Following a week of sharp price declines in the crypto market, Toncoin [TON] could be on the verge of a rebound as key technical and on-chain metrics flashed bullish signals at press time. 

According to a recent tweet from Ali Martinez, TON’s TD Sequential indicator flashed a buy signal on its daily chart. This bullish pattern is often used to spot potential reversals and in this case, suggested that the altcoin might see some upside soon. 

The timing of this development is important, especially since it comes on the back of Toncoin prices struggling after the market-wide pullbacks.

Toncoin’s exchange inflows signal growing investor activity

Similarly backing the aforementioned technical bullish setup is a sharp spike in TON’S exchange inflows. According to IntoTheBlock, the altcoin saw a 10% surge in exchange inflows over the last 24 hours.

While inflows into exchange sometimes indicate potential selling pressure, they may also reflect an accumulation phase as market participants look to take advantage of short-term price movements.

In this case, the inflows seemed to accompany the TD Sequential’s buy signal to indicate that market participants have been gearing up to set up new long positions. This uptick also suggested that market players may be taking positions anticipating a potential rebound in TON’s price.

Holder balance data adds more fuel to the bullish narrative

That’s not the only bullish indicator though. AMBCrypto took a closer look at IntoTheBlock data and found that TON’s holder balance has grown over the last 24 hours.

This implied that users are now accumulating, rather than offloading their tokens.

A hike in holder confidence often correlates with market optimism. When accumulation rises in tandem with exchange activity and a technical buy signal, it paints a clearer picture of investor expectations.

With both technical and on-chain indicators flashing bullish signals, Toncoin could be setting the stage for a near-term price rebound on the charts.

However, much will depend on how Bitcoin [BTC] and the broader crypto market perform. If macro sentiment improves, TON could follow with a bounce back to test higher key resistance levels.